Ferrexpo IT builds rolled steel plant in Hungary

Ukraine's Ferrexpo IT, one of the world's biggest producer of raw materials, plans to build a Euro 300 million rolled steel plant in Szabolcs-Szatmar-Bereg county, northeast Hungary. Ferrexpo plans to start to build the plant in the second half of 2006 and start production by the end of 2008 or beginning of 2009. The annual capacity of the new plant will be 2.5 million tons of rolled steel, worth about Euro 1 billion. Ferrexpo would set up a joint venture with Vorsklasteel, owned by English and Swiss investors, to build the plant.